Yellen Confirmed As Fed Chairwoman

Jan 7 2014 | 2:07am ET

The U.S. Senate yesterday confirmed Janet Yellen to become the first woman to lead the Federal Reserve.

Yellen's nomination was easily approved by a vote of 56 to 26, with nearly a dozen Republicans joining the chamber's Democrats in backing the current Fed vice chairwoman. Still, Yellen's margin of victory was the smallest ever for a Fed chairman.

Yellen will succeed Ben Bernanke, who has led the central bank for eight years, on Feb. 1.

A former president of the Federal Reserve Bank of San Francisco, Yellen has been vice chairwoman of the Fed since 2010. She served as chairwoman of the Council of Economic Advisors under President Bill Clinton.

Yellen voted alongside Bernanke to begin cutting back on the Fed's bond-buying economic stimulus program last month. That may have eased her path with Senate Republicans, who have expressed concerns about the Fed's monetary policy.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note